Monster Worldwide Reports Second Quarter 2009 Results

NEW YORK--(BUSINESS WIRE)--Jul. 30, 2009-- Monster Worldwide, Inc. (NYSE: MWW):

  • Loss per Share from Continuing Operations of $0.01; Non-GAAP Diluted Earnings per Share at $0.03
  • Total Revenue of $223 Million; Non-GAAP Total Revenue of $224 Million
  • Non-GAAP Operating Expenses of $216 Million Decline 22% over Prior Year, and 15% Sequentially
  • Net Cash and Securities of $235 Million
  • Monster Announces Positive Beta-Testing Results for New Employer Search Product

Monster Worldwide, Inc. (NYSE:MWW) today reported financial results for the second quarter ended June 30, 2009.

Second Quarter Results

Sal Iannuzzi , chairman, president and chief executive officer of Monster Worldwide, said, “Despite the challenging operating environment, we continue to invest in product innovation, technology, new verticals, global reach and sales force expansion, while at the same time successfully reducing operating expense and lowering our cost basis. We are confident that these initiatives, combined with the powerful Monster brand and our strong balance sheet, will capture global market share and provide a solid base for future long term growth and profitability.”

Mr. Iannuzzi added, “We are very encouraged by the beta tests for our new employer search product. Customer feedback continues to be very positive. This technology better enables recruiters to search relevant skills, work experience, education and other meaningful qualifications, and then analyzes, ranks and compares the information quickly and efficiently. Monster is driving efficiency and cost savings for our customers and improving our overall value proposition.”

Total revenue was $223 million, compared with $354 million in the comparable quarter of 2008, a 37% decline due to the global economic recession. Monster generated 42% of its revenue outside the United States and total revenue was negatively impacted by $16 million from unfavorable foreign exchange rates.

Careers non-GAAP revenue decreased 40% to $191 million. North America generated revenue of $102 million compared with $164 million in the prior year period, a 38% decline. International non-GAAP revenue was $89 million, a 43% decline over the prior year period, or a 37% decrease excluding currency and the contribution from ChinaHR. Internet Advertising & Fees generated revenue of $33 million, essentially flat with last year’s second quarter revenue.

Consolidated operating expenses were $223 million, and the loss from continuing operations was approximately $1 million, or $0.01 per diluted share, compared to income from continuing operations of $19 million, or $0.15 per diluted share, in the comparable 2008 period. Operating results for the second quarter of 2008 included a $40 million charge for settlement costs and litigation related to its historical stock option practices. Foreign exchange rates negatively impacted consolidated operating income by approximately $1 million.

Income from continuing operations for the three months ended June 30, 2009 includes pre-tax pro forma adjustments that include: $5 million of expenses associated with the Company’s restructuring plan; $2 million of legal fees, primarily related to the Company’s obligation to indemnify former officers for their defense in connection with the ongoing litigation related to historical stock option grant practices; and a $0.7 million reduction to total revenue due to the purchase accounting adjustment for ChinaHR. As a result, the Company recorded total pre-tax pro forma adjustments of approximately $8 million. These pro forma items are described in the "Notes Regarding the Use of Non-GAAP Financial Measures" and are reconciled to the GAAP measure in the accompanying tables.

On a non-GAAP basis, the Company generated revenue of $224 million and $216 million of operating expenses. In last year’s second quarter, revenue was $354 million and operating expenses were $276 million. Income from continuing operations was $4 million, or $0.03 per share, compared to $49 million, or $0.40 per diluted share, in the comparable prior year period.

Monster ended the second quarter of 2009 with total available liquidity of $493 million, and net cash and marketable securities of $235 million, compared with net cash and securities of $247 million at the end of the 2009 first quarter.

During the quarter, the Company paid back a total of $157 million under its revolving credit lines, and currently has approximately $97 million classified as debt on the balance sheet. Cash used from operating activities was $14 million compared to $14 million generated in the 2009 first quarter.

Capital expenditures were $11 million, down from $30 million in last year’s second quarter and $15 million in the first quarter of this year. Approximately $81 million of auction rate securities are classified as a long-term asset on the consolidated balance sheet, and are included in the cash and marketable securities balance as of June 30, 2009.

Monster Worldwide’s deferred revenue balance at June 30, 2009 was $290 million, compared with last year’s second quarter balance of $470 million, and $345 million reported for the first quarter of 2009.

Six Months Results

Monster Worldwide reported total revenue of $477 million for the six months ended June 30, 2009 compared to $721 million in the comparable period last year, a 34% decrease, or 28% before the negative impact of foreign exchange rates. Monster Careers revenue declined 37% to $413 million compared with $658 million in the 2008 period. Internet Advertising & Fees reported revenue of $64 million, a slight increase over the $63 million reported in the prior year period. The Company reported a loss from continuing operations of $12 million, or $0.10 per diluted share, compared to income from continuing operations of $42 million, or $0.35 per diluted share in the prior year period.

Supplemental Financial Information

The Company has made available certain supplemental financial information, in a separate document that can be accessed directly at http://about-monster.com/q209.pdf or through the Company’s Investor Relations website at http://ir.monster.com.

Conference Call Information

Second quarter 2009 results will be discussed on Monster Worldwide’s quarterly conference call taking place on July 30, 2009 at 5:00 PM EDT. To join the conference call, please dial (888) 551-5973 at 4:50 PM EDT and reference conference ID# 18221496. For those outside the United States, please dial (706) 643-3467 and reference the same conference ID#. The call will begin promptly at 5:00 PM EDT. Individuals can also access Monster Worldwide’s quarterly conference call online through the Investor Relations section of the Company’s website at http://ir.monster.com. For a replay of the call, please dial (800) 642-1687 or outside the United States dial (706) 645-9291 and reference ID #18221496. This number is valid until midnight on August 6, 2009.

About Monster Worldwide

Monster Worldwide, Inc. (NYSE: MWW), parent company of Monster(R), the premier global online employment solution for more than a decade, strives to inspire people to improve their lives. With a local presence in key markets in North America, Europe, Asia and Latin America, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. Monster Worldwide is a member of the S&P 500 index. To learn more about Monster's industry-leading products and services, visit www.monster.com.

Notes Regarding the Use of Non-GAAP Financial Measures

The Company has provided certain non-GAAP financial information as additional information for its operating results. These measures are not in accordance with, or an alternative for, generally accepted accounting principles (“GAAP”) and may be different from non-GAAP measures reported by other companies. The Company believes that its presentation of non-GAAP measures provides useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations.

Non-GAAP revenue, operating expenses, operating income, operating margin, income from continuing operations and diluted earnings per share all exclude certain pro forma adjustments including: costs associated with the Company’s historical stock option grant practices, related litigation and potential fines or settlements; severance costs for former executive officers incurred in the second quarter of 2007; costs related to the measures taken by the Company in response to a security breach in August 2007; the strategic restructuring actions initiated in the third quarter of 2007; and the fair value adjustment to deferred revenue in connection with the acquisition of ChinaHR. The Company uses these non-GAAP measures for reviewing the ongoing results of the Company’s core business operations and in certain instances, for measuring performance under certain of the Company’s incentive compensation plans. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

Operating income before depreciation and amortization (“OIBDA”) is defined as income from operations before depreciation, amortization of intangible assets, amortization of stock based compensation and non-cash costs incurred in connection with the Company’s restructuring program. The Company considers OIBDA to be an important indicator of its operational strength. This measure eliminates the effects of depreciation, amortization of intangible assets, amortization of stock based compensation and non-cash restructuring costs from period to period, which the Company believes is useful to management and investors in evaluating its operating performance. OIBDA is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies.

Free cash flow is defined as cash flow from operating activities less capital expenditures. Free cash flow is considered a liquidity measure and provides useful information about the Company's ability to generate cash after investments in property and equipment. Free cash flow reflected herein is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies. Free cash flow does not reflect the total change in the Company's cash position for the period and should not be considered a substitute for such a measure.

Net cash and securities is defined as cash and cash equivalents plus short-term and long-term marketable securities, less total debt. Total available liquidity is defined as cash and cash equivalents, plus short-term and long-term marketable securities plus unused borrowings under our credit facility. The Company considers net cash and securities and total available liquidity to be an important measure of liquidity and an indicator of its ability to meet its ongoing obligations. The Company also uses net cash and securities and total available liquidity, among other measures, in evaluating its choices for capital deployment. Net cash and securities and total available liquidity are presented herein as non-GAAP measures and may not be comparable to similarly titled measures used by other companies.

Special Note: Except for historical information contained herein, the statements made in this release, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the Company's strategic direction, prospects and future results. Certain factors, including factors outside of our control, may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, risks associated with acquisitions or dispositions, competition, ongoing costs associated with the Company’s historical stock option grant practices, costs associated with the restructuring and security breach, and the other risks discussed in our Form 10-K and our other filings made with the Securities and Exchange Commission, which discussions are incorporated in this release by reference.

MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
       
 
Three Months Ended June 30, Six Months Ended June 30,
2009 2008 2009 2008
 
Revenue $ 223,057 $ 354,294 $ 477,460 $ 720,766
 
Salaries and related 113,484 135,879 235,869 276,327
Office and general 59,862 75,358 121,975 149,257
Marketing and promotion 44,953 68,976 118,644 180,830
Provision for legal settlements, net - 40,100 - 40,100
Restructuring and other special charges 5,097 2,732 16,105 9,659
Total operating expenses 223,396 323,045 492,593 656,173
 
Operating (loss) income (339) 31,249 (15,133) 64,593
 
Interest and other, net 76 3,057 1,279 10,440
 
(Loss) income from continuing operations before income taxes and equity interests (263) 34,306 (13,854) 75,033
 
Income taxes (83) 12,153 (4,572) 27,296
Loss in equity interests, net (1,190) (3,592) (2,429) (5,414)
 
(Loss) income from continuing operations (1,370) 18,561 (11,711) 42,323
 
Income from discontinued operations, net of tax - 12,269 - 11,098
 
Net (loss) income $ (1,370) $ 30,830 $ (11,711) $ 53,421
 
Basic (loss) earnings per share:
 
(Loss) income from continuing operations $ (0.01) $ 0.15 $ (0.10) $ 0.35
Income from discontinued operations, net of tax - 0.10 - 0.09
Basic (loss) earnings per share $ (0.01) $ 0.26 $ (0.10) $ 0.44
 
Diluted (loss) earnings per share:
 
(Loss) income from continuing operations $ (0.01) $ 0.15 $ (0.10) $ 0.35
Income from discontinued operations, net of tax - 0.10 - 0.09
Diluted (loss) earnings per share $ (0.01) $ 0.25 $ (0.10) $ 0.44
 
 
 
Weighted average shares outstanding:
 
Basic 119,274 120,885 119,066 121,798
 
Diluted 119,274 121,541 119,066 122,552
 
 
 
Operating (loss) income before depreciation and amortization:
 
Operating (loss) income $ (339) $ 31,249 $ (15,133) $ 64,593
Depreciation and amortization of intangibles 16,945 13,604 33,265 25,793
Amortization of stock-based compensation 9,920 8,533 20,268 13,866
Restructuring non-cash expenses 1,055 923 4,723 3,009
 
Operating income before depreciation and amortization $ 27,581 $ 54,309 $ 43,123 $ 107,261
 
*Earnings per share may not add in certain periods due to rounding.
MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
Six Months Ended June 30,
2009 2008
Cash flows provided by operating activities:
Net (loss) income $ (11,711) $ 53,421
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
(Income) from discontinued operations, net of tax - (11,098)
Depreciation and amortization of intangibles 33,265 25,793
Provision for legal settlements, net - 40,100
Provision for doubtful accounts 6,884 6,771
Non-cash compensation 20,268 15,028
Deferred income taxes (6,421) (19,582)
Non-cash restructuring write-offs and loss on disposal of assets 4,741 2,085
Loss in equity interests 2,428 5,414
Changes in assets and liabilities, net of business combinations:

 

 

Accounts receivable 120,239 82,660
Prepaid and other 16,861 19,098
Deferred revenue (124,536) (53,923)
Accounts payable, accrued liabilities and other (61,893) (13,597)
Net cash used for operating activities of discontinued operations - (3,129)
Total adjustments 11,836 95,620
Net cash provided by operating activities 125 149,041
 
Cash flows (used for) provided by investing activities:
Capital expenditures (26,379) (50,213)
Purchase of marketable securities (7,476) (156,882)
Sales and maturities of marketable securities 3,317 436,305
Payments for acquisitions and intangible assets, net of cash acquired - (61,567)
Cash funded to equity investee (3,314) (5,000)
Dividends received from unconsolidated investee 763 1,011
Net cash (used for) provided by investing activities (33,089) 163,654
 
Cash flows provided by (used for) financing activities:
Proceeds from borrowings on credit facilities short-term 199,203 -
Payments for borrowings on credit facilities short-term (157,173) -
Repurchase of common stock (2,435) (86,327)
Payments on debt obligations (6) (147)
Proceeds from exercise of employee stock options 9 1,046
Excess tax benefits from equity compensation plans 4 120
Net cash provided by (used for) financing activities 39,602 (85,308)
 
Effects of exchange rates on cash 7,354 8,323
 
Net increase in cash and cash equivalents 13,992 235,710
Cash and cash equivalents, beginning of period 222,260 129,744
Cash and cash equivalents, end of period $ 236,252 $ 365,454
 
Free cash flow:
 
Net cash provided by operating activities $ 125 $ 149,041
Less: Capital expenditures (26,379) (50,213)
Free cash flow $ (26,254) $ 98,828
MONSTER WORLDWIDE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
   
Assets: June 30, 2009 December 31, 2008
 
Cash and cash equivalents $ 236,252 $ 222,260
Marketable securities, current 14,533 1,425
Accounts receivable, net 249,004 376,720
Marketable securities, non - current 81,272 90,347
Property and equipment, net 153,942 161,282
Goodwill and intangibles, net 944,981 946,881
Other assets 109,483 117,675
Total assets $ 1,789,467 $ 1,916,590
 
Liabilities and Stockholders' equity:
 
Accounts payable, accrued expenses and other $ 192,289 $ 254,425
Deferred revenue 289,818 414,312
Borrowings on credit facilities short-term 97,000 54,971
Non-current income taxes payable 125,991 119,951
Other liabilities 30,971 25,658
Total liabilities 736,069 869,317
 
Stockholders' equity 1,053,398 1,047,273
     
Total liabilities and stockholders' equity $ 1,789,467 $ 1,916,590
MONSTER WORLDWIDE, INC.
UNAUDITED OPERATING SEGMENT INFORMATION
(in thousands)
         
 
Three Months Ended June 30, 2009 Careers - North America Careers - International Internet Advertising & Fees Corporate Expenses Total
 
Revenue $ 101,799 $ 88,598 $ 32,660 $ 223,057
Operating (loss) income 10,919 (2,019) 4,926 $ (14,165) (339)
OIBDA 22,066 8,386 7,939 (10,810) 27,581
 
Operating margin 10.7% -2.3% 15.1% -0.2%
OIBDA margin 21.7% 9.5% 24.3% 12.4%
 
 
Three Months Ended June 30, 2008 Careers - North America Careers - International Internet Advertising & Fees Corporate Expenses Total
 
Revenue $ 164,280 $ 156,673 $ 33,341 $ 354,294
Operating income 58,409 31,916 4,656 $ (63,732) 31,249
OIBDA 67,636 40,361 7,508 (61,196) 54,309
 
Operating margin 35.6% 20.4% 14.0% 8.8%
OIBDA margin 41.2% 25.8% 22.5% 15.3%
 
 
Six Months Ended June 30, 2009 Careers - North America Careers - International Internet Advertising & Fees Corporate Expenses Total
 
Revenue $ 220,983 $ 192,263 $ 64,214 $ 477,460
Operating (loss) income 11,747 (2,690) 8,483 $ (32,673) (15,133)
OIBDA 34,338 19,135 14,303 (24,653) 43,123
 
Operating margin 5.3% -1.4% 13.2% -3.2%
OIBDA margin 15.5% 10.0% 22.3% 9.0%
 
 
Six Months Ended June 30, 2008 Careers - North America Careers - International Internet Advertising & Fees Corporate Expenses Total
 
Revenue $ 347,818 $ 309,945 $ 63,003 $ 720,766
Operating income 98,110 41,559 3,225 $ (78,301) 64,593
OIBDA 115,238 57,023 8,300 (73,300) 107,261
 
Operating margin 28.2% 13.4% 5.1% 9.0%
OIBDA margin 33.1% 18.4% 13.2% 14.9%
MONSTER WORLDWIDE, INC.
UNAUDITED NON-GAAP STATEMENTS OF OPERATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
 
Three Months Ended June 30, 2009   Three Months Ended June 30, 2008
As Reported   Proforma Adjustments   Non-GAAP As Reported   Proforma Adjustments   Non-GAAP
 
Revenue $ 223,057 $ 725 a $ 223,782 $ 354,294 $ - $ 354,294
 
Salaries and related 113,484 - 113,484 135,879 - 135,879
Office and general 59,862 (2,245) b 57,617 75,358 (4,256) b 71,102
Marketing and promotion 44,953 - 44,953 68,976 - 68,976
Provision for legal settlements, net - - - 40,100 (40,100) c -
Restructuring and other special charges 5,097 (5,097) d - 2,732 (2,732) d -
Total operating expenses 223,396 (7,342) 216,054 323,045 (47,088) 275,957
Operating (loss) income (339) 8,067 7,728 31,249 47,088 78,337
Operating margin -0.2% 3.5% 8.8% 22.1%
 
Interest and other, net 76 - 76 3,057 - 3,057
 
(Loss) income from continuing operations before income taxes and equity interests (263) 8,067 7,804 34,306 47,088 81,394
 
Income taxes (83) 2,546 e 2,463 12,153 16,681 e 28,834
Losses in equity interests, net (1,190) - (1,190) (3,592) - (3,592)
(Loss) Income from continuing operations $ (1,370) $ 5,521 $ 4,151 $ 18,561 $ 30,407 $ 48,968
 
Diluted (loss) earnings per share from continuing operations * $ (0.01) $ 0.05 $ 0.03 $ 0.15 $ 0.25 $ 0.40
 
Weighted average shares outstanding:
Diluted 119,274 121,809 121,809 121,541 121,541 121,541
 
 
Six Months Ended June 30, 2009 Six Months Ended June 30, 2008
As Reported Proforma Adjustments Consolidated Non-GAAP As Reported Proforma Adjustments Non-GAAP
 
Revenue $ 477,460 $ 1,719 a $ 479,179 $ 720,766 - $ 720,766
 
Salaries and related 235,869 - b 235,869 276,327 93 b 276,420
Office and general 121,975 (5,265) b 116,710 149,257 (7,783) b 141,474
Marketing and promotion 118,644 - 118,644 180,830 - 180,830
Provision for legal settlements, net

-

-

-

40,100 (40,100) c -
Restructuring and other special charges 16,105 (16,105) d - 9,659 (9,659) d -
Total operating expenses 492,593 (21,370) 471,223 656,173 (57,449) 598,724

Operating (loss)income

(15,133) 23,089 7,956 64,593 57,449 122,042
Operating margin -3.2% 1.7% 9.0% 16.9%
 
Interest and other, net 1,279 - 1,279 10,440 - 10,440
 

(Loss)Income from continuing operations before income taxes and equity interests

(13,854) 23,089 9,235 75,033 57,449 132,482
 
Income taxes (4,572) 7,620 e 3,048 27,296 20,899 e 48,195
Losses in equity interests, net (2,429) - (2,429) (5,414) - (5,414)

(Loss)Income from continuing operations

$ (11,711) $ 15,469 $ 3,758 $ 42,323 $ 36,550 $ 78,873
 
 

Diluted (loss)earnings per share from continuing operations *

$ (0.10) $ 0.13 $ 0.03 $ 0.35 $ 0.30 $ 0.64
 
 
Weighted average shares outstanding:
Diluted 119,066 120,904 120,904 122,552 122,552 122,552
 
Note Regarding ProForma Adjustments:
The financial information included herein contains certain non-GAAP financial measures. This information is not intended to be used in place of the financial information prepared and presented in accordance with GAAP, nor is it intended to be considered in isolation. We believe that the above presentation of non-GAAP measures provide useful information to management and investors regarding certain core operating and business trends relating to our results of operations, exclusive of certain restructuring related and other special charges.
 
ProForma adjustments consist of the following:
 
a Deferred revenue fair value adjustment required under existing purchase accounting rules relating to our acquisition of China HR.
 
b Costs associated with the ongoing investigation into the Company’s historical stock option granting practices, net of reimbursements as well as costs associated with the security breach incurred in 2008.
 
c Provision for costs associated with the proposed legal settlements related to the stock option litigation, net of recoveries.
 
d Restructuring related charges pertaining to the strategic restructuring actions that the Company announced on July 30, 2007. These charges include costs related to the reduction in the Company’s workforce, fixed asset write-offs, costs relating to the consolidation of certain office facilities, contract termination costs, relocation costs and professional fees.
 
e Income tax adjustment is calculated using the effective tax rate of the reported period multiplied by the ProForma adjustment to income from continuing operations before income taxes and equity interests.
 

*Diluted earnings per share may not add in certain periods due to rounding. Diluted shares used for 2009 GAAP presentation are the same as basic shares due to a net loss in 2009.

MONSTER WORLDWIDE, INC.
UNAUDITED NON-GAAP OPERATING SEGMENT INFORMATION
(in thousands)
 
 
Three Months Ended June 30, 2009 Careers - North America Careers - International Internet Advertising & Fees Corporate Expenses Total
 
Revenue - GAAP $ 101,799 $ 88,598 $ 32,660 $ 223,057
Proforma Adjustments - 725 - 725
Revenue - Non GAAP $ 101,799 $ 89,323 $ 32,660 $ 223,782
 
Operating (loss) income - GAAP $ 10,919 $ (2,019) $ 4,926 $ (14,165) $ (339)
Proforma Adjustments 1,486 4,002 170 2,409 8,067
Operating (loss) income - Non GAAP $ 12,405 $ 1,983 $ 5,096 $ (11,756) $ 7,728
 
Operating margin - GAAP 10.7% -2.3% 15.1% -0.2%
Operating margin - Non GAAP 12.2% 2.2% 15.6% 3.5%
 
 
Three Months Ended June 30, 2008 Careers - North America Careers - International Internet Advertising & Fees Corporate Expenses Total
 
Revenue $ 164,280 $ 156,673 $ 33,341 $ 354,294
 
Operating income (loss) - GAAP $ 58,409 $ 31,916 $ 4,656 $ (63,732) $ 31,249
Proforma Adjustments 926 1,400 338 44,424 47,088
Operating income (loss) - Non GAAP $ 59,335 $ 33,316 $ 4,994 $ (19,308) $ 78,337
 
Operating margin - GAAP 35.6% 20.4% 14.0% 8.8%
Operating margin - Non GAAP 36.1% 21.3% 15.0% 22.1%
 
 
Six Months Ended June 30, 2009 Careers - North America Careers - International Internet Advertising & Fees Corporate Expenses Total
 
Revenue - GAAP $ 220,983 $ 192,263 $ 64,214 $ 477,460
Proforma Adjustments - 1,719 - 1,719
Revenue - Non GAAP $ 220,983 $ 193,982 $ 64,214 $ 479,179
 
Operating (loss) income - GAAP $ 11,747 $ (2,690) $ 8,483 $ (32,673) $ (15,133)
Proforma Adjustments 3,758 12,086 616 6,629 23,089
Operating (loss) income - Non GAAP $ 15,505 $ 9,396 $ 9,099 $ (26,044) $ 7,956
 
Operating margin - GAAP 5.3% -1.4% 13.2% -3.2%
Operating margin - Non GAAP 7.0% 4.8% 14.2% 1.7%
 
 
Six Months Ended June 30, 2008 Careers - North America Careers - International Internet Advertising & Fees Corporate Expenses Total
 
Revenue $ 347,818 $ 309,945 $ 63,003 $ 720,766
 
Operating income - GAAP $ 98,110 $ 41,559 $ 3,225 $ (78,301) $ 64,593
Proforma Adjustments 4,180 4,702 1,160 47,407 57,449
Operating income - Non GAAP $ 102,290 $ 46,261 $ 4,385 $ (30,894) $ 122,042
 
Operating margin - GAAP 28.2% 13.4% 5.1% 9.0%
Operating margin - Non GAAP 29.4% 14.9% 7.0% 16.9%

Source: Monster Worldwide, Inc.

Monster Worldwide, Inc.
Investors:
Robert Jones, 212-351-7032
Robert.Jones@monsterworldwide.com
or
Media:
Steve Sylven, 978-461-8503
Steve.Sylven@monster.com